Bitcoin price returns to the $7,000 zone after hitting its lowest levels in seven months, leading commentators to consider further gains.
Bitcoin (BTC) passed $7,200 a second time on Dec. 19 as previous bearish moves gave way to a return to higher levels.
Cryptocurrency market daily overview. Source: Coin360
BTC shows signs of a bullish comeback
Data from Coin360 and Cointelegraph Markets showed BTC/USD holding ground recovered above the $7,000 mark late on Wednesday. At press time, the pair traded at around $7,100 after hitting highs of $7,345, marking 24-hour gains of almost 8%.
Bitcoin 1-day price chart. Source: Coin360
With sentiment notoriously volatile this week, Bitcoin’s progress has provided a welcome cause for broader optimism among traders and analysts.
“Earlier today everyone is feared to buy in, given red candles and $3K charts + overall bearish sentiment. Now everyone is rushing to buy back in, as the price is up $750 since the low,” he summarized as the uptick kicked in.
Zooming out, stalwart Bitcoin bulls showed no sign of revising their enthusiastic view of the coming year and beyond.
“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin,” he said.
Draper noted that at current levels, Bitcoin is “where it should be” according to such technical analysis. As Cointelegraph reported, the popular Stock-to-Flow model for Bitcoin price forecasting puts BTC/USD at an average $8,200 before the halving.
Bitcoin dominance rises 2% recent days
Altcoin markets meanwhile reacted favorably to Bitcoin’s gains, with the top twenty by market cap awash with green on Thursday.
Ether 7-day price chart. Source: Coin360
Others behaved similarly, with Cosmos (ATOM) nonetheless leading the pack on 9.1% gains.
The overall cryptocurrency market cap was $190 billion, with Bitcoin’s share at 68.3% — 0.6% higher than the day before. In the past seven days, Bitcoin dominance has increased by over 2%.